- Litecoin outperformed all the major crypto coins in 2019
Litecoin is 2019’s top-performing cryptocurrency and it is up by 330% outpacing Bitcoin and all other cryptocurrencies.
The Bullish run is primarily owed to an upcoming halving of the currency (“halvening”) whereby the number of coins rewarded to Miners is reduced by 50%. The market believes that a supply cut will drive up its and prevent any erosion to its value. Litecin Miners presently receive 25 new Litecoins per block, but after the halving expected in Early August, they will receive 12.5.
Historically, halvening happens after every four years and lead to a bullish run in the underlying tokens. Last time when the Halving occurs in Litecoin, it gained around 60% in the three months preceding the halvening. This Halvening factor of the Bull run is not peculiar to Litecoin only. Bitcoin is all set to witness its upcoming halving in May 2020 and its Market Participants are already planning to capitalize on the gains.
Cryptocurrencies are witnessing an increased acceptance from mainstream Financial institutions. Many Wall Street establishments have recognized the Cryptocurrencies and are currently trading or evaluating to trade in it. Furthermore, Announcement from Facebook Inc. of launching its own cryptocurrency has set the momentum for digital tokens.
These developments, among others, have increased the price of Bitcoin by 120% in 2019. Ethererum has also gained around 100%. Litecoin, which used to trade at $30 in last year, is now trading around $130.